§ Mr. LEWISasked the Chancellor of the Exchequer whether he will consider the advisability of gradually transferring to this country gold ear-marked at the Bank of France for the British Exchange Equalisation Fund in the same way that the American Government transfer to New York gold ear-marked at the Bank of France for their Exchange Equalisation Fund?
§ Mr. W. S. MORRISONI do not consider that it would be in the public interest to make any statement on matters of this nature, but my hon. Friend may feel assured that they receive due consideration.
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§ Mr. W. ROBERTSasked the Chancellor of the Exchequer whether, in the event of the devaluation of the French franc, he will give an assurance that there is no intention on the part of His Majesty's Government to engage in any competitive depreciation of sterling?
§ Mr. PRICEasked the Chancellor of the Exchequer whether, in view of the fear in France that any devaluation of the franc will lead to any benefit from this action being lost by exchange fluctuations in other countries, he will take steps to ensure that by the use of the Exchange Equalisation Fund and of other methods the stability of the sterling will be maintained as far as possible?
§ Mr. W. S. MORRISONThe French Government have stated that it is not their policy to devalue the franc, and I shall not be expected to deal with purely hypothetical matters. But as the questions seem to show some misapprehension on the part of the hon. Members, perhaps I should point out that our monetary policy has never been governed by any desire to obtain competitive trade advantages. The Exchange Equalisation Account plays the part only of evening out unnecessary fluctuations.